Acronym | Variable Description | Definition |
Species of Commercial Expenditure Efficiency Measure Employed | ||
Bepb(1) | Break-even Period | Break-even Period (BEP) is number of years of full recovery |
Pror(2) | Rate of Returns | Rate of Returns (ROR) is as the private rate of return on investments on medical education of a physician based on lifecycle gross earnings. |
Mirr(4) | Marginal Rate of Returns | Marginal Rate of Returns (MRR4) is the rate of return relating to wage difference (earnings premium) between remuneration of consultant physician above general practice physician (ignoring tax and cost of capital) |
Prnd(4) | Profitability Index | Profitability index is the ratio of present value of net cash flow to individual’s total upfront investment |
Model Variables in Human Capital Measurement Models | ||
Prnv(1) | Private (Individual’s) Investments in Medical Education | Private or unit upfront investment expenditure is the total educational expenditure which individual participant incurred on medical education incurred to acquire MB.BS degree and license to practice medicine |
Pcrg(1) | Public (Institutional) Subvention Expenditure in Medical Education | Physician’s lifecycle career earnings is the total earnings of an average Nigerian physician employed in the public health service for 35 years at retirement of 60 years of age. |
Prnv(2) | Individual Participant’s Investments in residency training | Individual’s additional upfront investment expenditure is the additional total educational expenditure which individual participant in medical education incurred in a 6-year residency training in acquiring fellowship certification. |
Punv(2) | Public Additional Subvention Expenditure on Residency Training | Public additional upfront investment expenditure is additional total educational expenditure incurred by public entity during the 6-year Residency training of Consultants |
Crng(2) | Consultant-Physician’s Gross lifelong Earnings | Consultant-Physician’s lifecycle career earnings is the total earnings in 35 years of service |